Yes, 7zip can do that too. 7-zip isn't just good for a freebie, it would be good for a $30 application.
Winrar all the way. Reasons- Its shareware but you can use the trial version practically forever, just cross the nag screen if it starts appearing. Second beautifu shell integration, everything available at the right mouse click, third easily create archives, idiot proof. Last, very easy to crack, cracked version always available on TPB etc.
People don't think while using a piracy, however its not good.. But there are trial version also... you can use them if like they work well then purchase them legally.. and 7zip is a free tool to do similar jobs... danny is right if you have an option then why pirating???
All 3 run on same PC with no interference. Most WinRARs floating around have a trojan. Today I set up PCs with just 7-zip. 7-zip also replaces Iso-Buster to unpack ISOs, BINs, etc.
At home, I run winzip on physical machine and winrar on VM. At office, I run winzip and 7z. 7z makes smaller files, but many people in our office do not have 7z installed. I am comfortable with winzip and so use it out of comfort, with legacy compression.